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Tuesday, Feb 18, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.

Gold

TRU Precious options 80% of Newfoundland’s Golden Rose project to Eldorado

It sits on the Valentine Lake and Cape Ray shear zones, southwest of Calibre Mining’s next gold producing asset

TRU Precious Metals options 80% of Newfoundland's Golden Rose project to Eldorado
On site at the Golden Rose project. Photo credit: TRU Precious Metals

TRU Precious Metals Corp. (TSX-V: TRU) (OTCQB: TRUIF) gave Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) the option to acquire a majority stake in its Golden Rose project this week. The Central Newfoundland site sits on the Valentine Lake and Cape Ray shear zones.

Eldorado will have the opportunity to acquire up to an 80 per cent interest in the asset by paying C$15.25 million in segments over the next five years.

“Eldorado’s expenditures under the option agreement will accelerate advancement of the project’s gold and copper potential,” TRU Co-Founder Joel Freudman said. He added that the cash payments will help fund the company’s overhead costs while TRU continues serving as operator of the project.

Golden Rose sits right between the Valentine gold mine and a series of newly staked claims held by Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF). Calibre’s Valentine mine will become Atlantic Canada’s largest gold producing asset once production begins next year.

It is located northeast of a series of advanced exploration stage gold assets being developed by Aumega Metals Ltd (TSX-V: AUM) too. B2Gold Corp. (TSX: BTO) has been assisting AuMEGA with its work there.

“It’s right between a gold mine and another major gold deposit and ideally located in a safe jurisdiction,” Freudman described in an interview with Steve Hyland from The Deep Dive.

“We have gold and copper on the property and the project has alot of geological merit to stand on its own legs.”

TRU Precious Metals options 80% of Newfoundland's Golden Rose project to Eldorado

Map: TRU Precious Metals

Read more: Calibre celebrates 3 years without lost time incidents at Nevada’s Pan Mine

Read more: Calibre expands Valentine’s 2024 drill program by 40%, largest to date

Eldorado partners with Brixton Metals; buys Quebec gold asset from O3

In recent months, Eldorado has been bolstering its Canadian presence with new partnerships and acquisitions.

Earlier in July, the company partnered with Brixton Metals Corp (TSX-V: BBB) to jointly develop the Atlin Goldfields project in northern British Columbia. That asset, situated 9 kilometres from the remote mining community of Atlin, is estimated to have produced over 1 million gold ounces since the Klondike Gold Rush in 1898.

In March, Eldorado acquired Quebec’s Louvem property from O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF) as well. O3 retained a 0.5 per cent net smelter return royalty on the site.  

 

Calibre Mining is a sponsor of Mugglehead news coverage 

 

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